MIRA
INFORM REPORT
|
Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SURBHI IMPEX CO., LTD |
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|
|
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Registered Office : |
24th Floor, Jewelry
Trade Center, 919/307
Silom Road, Silom,
Bangrak, Bangkok 10500 |
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Country : |
Thailand |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.01.1996 |
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Com. Reg. No.: |
0105539010531 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Diamonds and
Jewelry Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
name of the company
SURBHI IMPEX
CO., LTD.
SUMMARY
BUSINESS ADDRESS : 24th FLOOR,
JEWELRY TRADE CENTER,
919/307 SILOM
ROAD, SILOM, BANGRAK,
BANGKOK 10500,
THAILAND
TELEPHONE : [66]
2267-4610-3, 2635-7899, 081
692-0030
FAX : [66] 2267-4601
E-MAIL ADDRESS : infothai@kiranexports.net
REGISTRATION ADDRESS : SAME
AS BUSINESS ADDRESS
ESTABLISHED : 1996
REGISTRATION NO.
: 0105539010531
CAPITAL REGISTERED
: BHT. 13,000,000
CAPITAL PAID-UP
: BHT.
13,000,000
FISCAL YEAR
CLOSING DATE : DECEMBER 31
LEGAL STATUS : PRIVATE LIMITED
COMPANY
EXECUTIVE : MR. PRAVINKUMAR CHHAGANBHAI
PATEL, INDIAN
MANAGING DIRECTOR
NO. OF
STAFF : 8
LINES OF
BUSINESS : DIAMONDS AND JEWELRY PRODUCTS
IMPORTER AND
EXPORTER
CORPORATE PROFILE
OPERATING TREND : STABLE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : GOOD
WITH NORMAL BUSINESS
ENGAGEMENT
MANAGEMENT STANDARD : MANAGEMENT WITH GOOD PERFORMANCE
HISTORY
The
subject was established
on January 25,
1996 as a
private limited company under the name style
SURBHI IMPEX CO.,
LTD., by Thai
and Indian groups,
in order to
engage in jewelry
business. It currently
employs approximately 8 staff.
The
subject’s registered address
is 919/307 Silom
Rd., Silom, Bangrak,
Bangkok 10500, and
this is the
subject’s current operation
address.
THE BOARD OF DIRECTORS
|
Name |
|
Nationality |
Age |
|
|
|
|
|
|
Mr. Pravinkumar
Chhaganbhai Patel |
|
Indian |
30 |
|
Mr. Sanjay Kumar Chhaganbhai Patel |
|
Indian |
27 |
AUTHORIZED PERSON
One of the above directors
can sign on
behalf of the
subject with company’s
affixed.
MANAGEMENT
Mr. Pravinkumar Chhaganbhai Patel
is the Managing Director.
He is Indian nationality with
the age of
30 years old.
BUSINESS OPERATIONS
The subject is
engaged in importing
and distributing of
diamonds and gemstones
to local market,
as well as
exporting of fine
jewelry products to
international markets.
PURCHASE
100% of jewelry
products is purchased
from local manufacturers.
IMPORT
Diamonds are imported
from India, Hong
Kong and Belgium.
SALES
Diamonds are sold
locally to traders
and manufacturers.
EXPORT
Jewelry products are
exported to India,
Hong Kong, Japan,
United States of America
and European countries.
SUBSIDIARY AND
AFFILIATED COMPANY
The subject is
not found to have
any subsidiary nor
affiliated company here
in Thailand.
LITIGATION
Bankruptcy and Receivership
There are no
litigation on bankruptcy
and receivership cases
filed against the
subject found at Legal Execution
Department for the
past five years.
Others
There are no
legal suits filed
against the subject
for the past
two years.
CREDIT
Sales are by
cash or on
the credits term
of 30-60 days.
Local bills are paid by
cash or on
the credits term
of 30-60 days.
Imports are by
L/C at sight or T/T.
Exports are against
L/C at sight or D/A
and T/T.
EMPLOYMENT
The
subject employs 8
staff.
LOCATION DETAILS
The
premise is rented
for administrative office
at the heading address. Premise
is located in a
prime commercial area.
COMMENT
Generally, the Thai
gems and jewelry
industry has a
bright prospect. However,
there is a
high and aggressive
competition in the
local market from
many players.
Many Indian jewelry traders likely to buy jewelry made in Thailand to
sell in international markets, while selling the loose gem stone and
diamond to Thai producers.
Subject’s
sales revenue in 2006
remained strong. However,
local market slowdown
has seen since
2007 as well
as demand from
export markets also
gradually declined. This
may lead to
decrease its sales
for this year.
FINANCIAL INFORMATION
The capital was registered
at Bht. 4,000,000
divided into 40,000
shares of Bht. 100
each.
The
capital was increased
later as following:
Bht. 6,000,000 on July 30,
2001
Bht. 13,000,000
on December 22,
2004
The
latest registered capital
was increased to
Bht. 13,000,000 divided into
130,000 shares of
Bht. 100 each
with fully paid.
THE SHAREHOLDERS LISTED WERE
[as at
October 31, 2007]
|
NAME |
HOLDING |
% |
|
|
|
|
|
Mr. Pravinkumar
Chhaganbhai Patel Nationality: Indian Address : 919/307
Silom Rd., Silom,
Bangrak,
Bangkok |
32,500 |
25.00 |
|
Ms. Sudarat Lomthaisong Nationality: Thai Address : 15
Moo 6, Srisawang, Napho, Burirum |
32,500 |
25.00 |
|
Ms. Kalya Kaewnark Nationality: Thai Address : 310
Moo 5, Banpraw,
Nakornthai,
Phisanuloke |
31,200 |
24.00 |
|
Mr. Sanjay Kumar Shhaaganbhai Patel Nationality: Indian Address : 919/307
Silom Rd., Silom,
Bangrak, Bangkok |
15,600 |
12.00 |
|
Mr. Manijkumar
Wallabhaimanjukia Nationality: Indian Address : 919/307
Silom Rd., Silom,
Bangrak, Bangkok |
15,600 |
12.00 |
|
Ms. La-ong Soonchan Nationality: Thai Address : 20/5
Moo 2, Bangmuang, Muang,
Samutprakarn |
1,300 |
1.00 |
|
Ms. Veena Bu-ngarat Nationality: Thai Address : 5/2
Thachalaeb Rd., Trad,
Muang, Chanthaburi |
1,300 |
1.00 |
Total Shareholders :
7
NAME OF AUDITOR &
CERTIFIED PUBLIC ACCOUNTANT
NO.
Mr. Saenee Sopitlarpthana No.
4043
BALANCE SHEET [BAHT]
The
latest financial figures
published for December 31, 2006 &
2005 were:
ASSETS
|
Current Assets |
2006 |
2005 |
|
|
|
|
|
Cash in hand
& at Bank
|
190,132.87 |
324,281.97 |
|
Trade Accts. Receivable |
42,127,605.78 |
50,087,122.68 |
|
Inventories |
18,985,189.36 |
13,410,329.09 |
|
Other Current Assets
|
- |
6,000.00 |
|
Total Current Assets
|
61,302,928.01 |
63,827,733.74 |
|
|
|
|
|
Fixed Assets |
2,463,143.17 |
2,543,661.35 |
|
Total Assets |
63,766,071.18 |
66,371,395.09 |
LIABILITIES &
SHAREHOLDERS' EQUITY [BAHT]
|
Current
Liabilities |
2006 |
2005 |
|
|
|
|
|
Trade Accts. Payable |
32,232,294.26 |
36,370,684.81 |
|
Current Portion of Long
Term Loan |
2,077,182.67 |
- |
|
Short-term Loan from Director |
2,808,575.88 |
11,118,575.88 |
|
Revenue Department Receivable |
313,133.10 |
44,571.82 |
|
Accrued Other Expenses |
499,518.31 |
38,256.90 |
|
Deferred Withholding Income Tax |
39,947.39 |
5,165.52 |
|
Accrued Income Tax |
452,959.46 |
400,277.16 |
|
Other Current Liabilities |
24,000.00 |
24,000.00 |
|
Total Current Liabilities |
38,447,611.07 |
48,001,532.09 |
|
Long Term Loan - Net of Current Portion |
6,454,351.51 |
1,535,363.14 |
|
Total Liabilities |
44,901,962.58 |
49,536,895.23 |
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|
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Shareholders' Equity |
|
|
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|
|
|
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Share capital : Baht 100 value authorized, issued
and fully paid share
capital 130,000 shares |
13,000,000.00 |
13,000,000.00 |
|
Capital Paid |
13,000,000.00 |
13,000,000.00 |
|
Retained Earning -
Unappropriated |
5,864,108.60 |
3,834,499.86 |
|
Total Shareholders' Equity |
18,864,108.60 |
16,834,499.86 |
|
Total Liabilities &
Shareholders' Equity |
63,766,071.18 |
66,371,395.09 |
PROFIT & LOSS ACCOUNT
|
Revenue |
2006 |
2005 |
|
|
|
|
|
Sales Income |
138,327,213.46 |
100,519,100.92 |
|
Interest Income |
3,867.84 |
- |
|
Other Income |
3,754,409.88 |
54,487.72 |
|
Total Revenues |
142,085,491.18 |
100,573,588.64 |
|
Expenses |
|
|
|
|
|
|
|
Cost of Goods
Sold |
133,657,851.36 |
95,138,968.54 |
|
Selling & Administrative Expenses |
5,347,804.45 |
3,056,825.74 |
|
Total Expenses |
139,05,655.81 |
98,195,794.28 |
|
Profit / [Loss] Before Interest
Expenses & Income Tax |
3,079,835.37 |
2,377,794.36 |
|
Interest Expenses |
[170,967.17] |
[59,363.14] |
|
Income Tax |
[879,259.46] |
[790,277.16] |
|
Net Profit / [Loss] |
2,029,608.74 |
1,528,154.06 |
FINANCIAL ANALYSIS
Annual Growth &
Profitability
|
Annual Growth |
2006 |
2005 |
|
Net Sales |
37.61 |
|
|
Operating Profit |
[5.88] |
|
|
Net Profit |
32.81 |
|
|
Fixed Assets |
[3.17] |
|
|
Total Assets |
[3.93] |
|
|
Profitability |
|
|
|
Cost of Good
Sold |
96.62 |
94.65 |
|
Operating Profit Margin |
2.23 |
2.37 |
|
S & A
Expenses |
3.87 |
3.04 |
|
Interest Paid |
0.12 |
0.06 |
|
Other Revenues |
2.72 |
0.05 |
|
Net Profit Margin |
1.47 |
1.52 |
|
Earning Per Shares |
15.61 |
11.76 |
|
No. of Shares |
130,000 |
130,000 |
Net Sales was
increased by 37.61%,
Operating Profit was
decreased by 5.88%,
Net Profit was
increased by 32.81%,
Fixed Assets was
decreased by 3.17%,
Total Assets was
decreased by 3.93%.
Compare each cost
with sales, Cost of
Good Sold was
increased from 94.65%
to 96.62%, Operating
Profit Margin was
decreased from 2.37%
to 2.23%, S
& A Expenses
was increased from
3.04% to 3.87%,
Interest Paid was increased
from 0.06% to
0.12%, Other Revenues
was increased from
0.05% to 2.72%,
Net Profit Margin
was decreased from
1.52% to 1.47%.
Earning Per Shares
was increased from
11.76 baht per
share to 15.61
baht per share.
Liquidity
|
Liquidity |
2006 |
2005 |
|
Current Ratio |
1.59 |
1.33 |
|
Quick-Assets Ratio |
1.10 |
1.05 |
Current Ratio was
increased from 1.33
to 1.59, show
Current Assets can
cover Current Liabilities, Liquidity Ratio of
the company was
good, Quick-Assets Ratio
was increased from
1.05 to 1.10,
capacity to pay
Short Term Loan
was good too,
because Current Assets
without Inventory can
cover Current Liabilities.
Leverage
|
Leverage |
2006 |
2005 |
|
D/E Ratio |
2.38 |
2.94 |
|
Times Interest Earned |
18.01 |
40.06 |
D/E Ratio was
decreased from 2.94
to 2.38, show
the company had
fund from Loan
more than fund
from Equity, investment
risked of the
company is medium, Times
Interest Earned was
decreased from 40.06
to 18.01, capacity
to pay interest paid was
good.
Efficiency
|
Efficiency |
2006 |
2005 |
|
Fixed Assets Turnover |
56.16 |
39.52 |
|
Total Assets Turnover |
2.17 |
1.51 |
|
Return on Assets |
3.18 |
2.30 |
|
Return on Equity |
10.76 |
9.08 |
|
Day's Payable |
83.89 |
130.26 |
|
Day’s Inventories |
49.41 |
48.03 |
|
Day’s Receivables |
109.64 |
179.38 |
Fixed Assets Turnover
was increased from
39.52 times to
56.16 times, Total
Assets Turnover was
increased from 1.51
times to 2.17
times, show the company could
use Assets so
efficiently, Return on
Assets was increased
from 2.30 to
3.18, Return on
Equity was increased
from 9.08 to
10.76, capacity to
use Assets to
make profit was
good.
Day's Payable was
decreased from 131
days to 84
days, while Day’s
Inventories was increased
from 49 days
to 50 days, but Day’s
Receivables was decreased
from 180 days
to 110 days.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)